U.S. Targets Only One Percent of Chinese Students Over Security: White House Official | World News

By David Brunnstrom and Matt Spetalnick

WASHINGTON (Reuters) – The United States is targeting only about one percent of the 400,000 Chinese students in the United States over China’s bid to gather U.S. technology and other information, a top White House said official said on Wednesday.

Matt Pottinger, the deputy White House national security adviser who has been a leading figure in the development of President Donald Trump’s China policy, said the vast majority of Chinese students were welcome.

“It’s a surgical approach,” Pottinger said in a online event hosted by the Ronald Reagan Institute, referring to the administration’s policy of denying student visas to Chinese nationals it considers a security risk.

“President Trump has taken action to target roughly one percent of that massive number, to target military-affiliated Chinese researchers who are in some cases here under false pretenses or even false identities,” he said.

Other cases involve individuals who have come to the United States to gain access to “technologies that would be useful to Chinese military advancement or to the repression of their own people,” he added.

Pottinger said the overwhelming majority of Chinese students were “people that we’re glad to have here, and many will stay here and start great businesses.”

The U.S. action against Chinese students has come at a time when China-U.S. relations have sunk to the lowest point in decades in the run-up to Trump’s Nov. 3 re-election bid. The world’s two biggest economies have clashed over issues ranging from trade and human rights to Hong Kong and the coronavirus.

The U.S. State Department said this month the United States had revoked visas of more than 1,000 Chinese students and researchers deemed security risks. China called this a violation of human rights.

Washington said the action followed a May 29 proclamation by Trump in response to China’s curbs on democracy in Hong Kong.

The large number of Chinese students studying in the United States bring significant revenue to U.S. universities, although the COVID-19 pandemic severely disrupted returns to campus this fall.

(Reporting by David Brunnstrom and Matt Spetalnick; Editing by Michael Perry)

Copyright 2020 Thomson Reuters.

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Madison Square Garden Sports Corp. has changed the targets executives must meet to collect bonuses due to its spinoff and the pandemic

“Shareholders oppose ‘one-way executive pay-for-performance’: When performance is good, everyone gets paid well, and when performance is bad, boards adjust awards to protect the downside,” Semler Brossy wrote in a report last month. “They are appropriately wary of that philosophy taking hold.

There are signs that philosophy is taking hold. Some companies suffering big drops in earnings or revenue have decided to swap out those metrics for more favorable ones when tallying up bonuses.

For example, Nike’s board decided to stop basing certain payouts on earnings or revenue after profits fell by 37% last fiscal year. It instead will award those payouts on how well the company’s stock price does over three years. The shift is intended to “ensure sustained engagement and drive key business results during a dynamic and unprecedented period,” the apparel giant said in a regulatory filing.

Others are lowering bonuses to conserve cash.

Hess, the Manhattan-based energy company, changed its bonus plan because turmoil in the oil market led to an adjusted first-half net loss of a half billion dollars. Hess reduced the maximum payout allowed from 200% of “target” to 50%. It said the revised plan would continue to serve as a “performance driver” with “rigorous but obtainable goals.”

MSG Sports said its bonus plan is based on executives reaching internal goals for revenue and adjusted operating income. The company said its board “seeks to make target goals ambitious, requiring meaningful growth over the performance period, while threshold goals are expected to be achievable.”

MSG Sports reported negative revenue of $7 million and a $79 million loss from continuing operations for the quarter ending June 30. That was down from positive revenue of $68 million and a $37 million loss from continuing operations in the year-earlier period. Last month the company laid off 53 people, according to a filing with the state, or about 15% of its staff.

One goal, MSG Sports officials say, is to restore the lost jobs.

“As our business returns to normal operations, we would look to bring back many of these positions,” Chief Executive Andrew Lustgarten said.

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